Guiding Your Organization’s Costs

and Budgets

COURSE OVERVIEW

Healthcare organizations today must pay as much attention to their financial performance and profitability as they do patient care. This means that healthcare leaders must have a firm grasp on cost accounting and budgeting.

This course is designed to help you to use accounting and budgeting techniques to improve your organization’s bottom line. It begins with a look at best practices in cost accounting, and then moves to broader, strategic steps you can take to implement managerial accounting. The latter half of the course focuses on budgeting, including different approaches to budgeting and the importance of addressing budget variances.

The four-part course project helps you apply what you learn to your own situation, and a set of templates and downloadable tools provide resources designed to assist you as you implement key concepts in the course.

WHAT YOU'LL LEARN

Apply best practices in cost accounting to improve profitability of a healthcare unit or organization

Use managerial accounting and planning to make strategic financial decisions

How It Works

Course Author

Director of the Business Minor for Life Science Majors, Dyson School for Applied Economics and Management, Cornell University

Dr. Robert Karpman received his medical degree from the University of Pennsylvania and an MBA from the University of Phoenix, while he was the director of the Phoenix Orthopedic Residency Program. Dr. Karpman has been an entrepreneur for most of his 34 years in the healthcare arena. During his residency in orthopedic surgery, Bob worked with a well known orthopedic company to develop a new device to aid in the healing of fractures. The device was later manufactured and marketed by the company. Later, he received his own patent for a bone screw to aid in the fixation of fractures that occurred in osteoporotic individuals that was later licensed to another orthopedic manufacturer. As a busy clinician, he developed a high quality medical education program in Phoenix, Arizona, performed both clinical and basic science research, wrote a book and many articles in peer review publications.

Following his clinical career, he became a chief medical officer at two community hospitals. Since the summer of 2015, he has devoted most of his time to serving as an adjunct professor in the biomedical engineering department at Cornell and recently has taught a course he developed entitled “Business as a second language: From molecules to moola!” to introduce basic business and managerial skills to graduate science, engineering, and technology majors.

Bob also serves as the director of the Business Minor for Life Science Majors in the Dyson School for Applied Economics and Management, which is part of the SC Johnson College of Business at Cornell University. He was recently appointed to a professor of practice position at Dyson, and also the graduate faculty in applied economics and management. He has added several courses to the curriculum to encourage students in the life Sciences to pursue business and management skills during their undergraduate experience. He also serves as a mentor in the Blackstone Launchpad Program at Cornell.

Recently, Bob has created a 7-course on-line certificate program as part of eCornell in business and management skills for healthcare professionals. He is the founder and CEO of Geri-Safe, Ltd., a start-up company whose mission is to develop and manufacture innovative technology to improve the safety and well being of elderly individuals.

Who Should Enroll

Medical, nursing, and dental professionals involved in delivering clinical care who hold or who aspire to administrative or managerial responsibilities. Students may come from any size practice, and could work in either the for-profit and non-profit sector, primarily in North America.

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